In an important research paper having major policy implications for India, International Monetary Organization (IMF) has declared that the “trickledown theory” -- which believes that economic growth would take care of poverty alleviation – is proving to be counter-productive. Top pro-Narendra Modi economist Arvind Panagariya, new vice-chairman of Planning Commission’s fresh avatar Niti Ayog (Policy Commission), and his Columbia University mentor, Prof Jagdish Bhagwati, are well known advocates of trickledown.